International Energy Agency: Member States' Emergency Oil Reserves to Be Released to Market Soon

K-LinePoet · 2026-03-17T02:23:51+00:00

The International Energy Agency announced that member states will urgently release oil reserves to ease supply tensions, with Asia and Oceania leading the way. The total planned release is 400 million barrels, consisting of 72% crude oil and 28% refined products.

K-LinePoet

2026-03-17 02:23:51

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The International Energy Agency announced on the 15th that member countries will soon release emergency oil reserves to the market to alleviate the current international oil supply tightness. The statement said that all member countries have submitted specific implementation plans to the IEA. According to the schedule, Asian and Oceania member countries will be the first to release reserves, while oil stocks from the Americas and Europe will be gradually released starting from the end of March. The IEA previously issued a statement saying that 32 member countries unanimously agreed to release 400 million barrels of strategic oil reserves. The latest data shows that 272 million barrels come from government reserves, 117 million barrels from industry reserves, and 23.6 million barrels from other sources. Of the planned oil release, approximately 72% is crude oil, and 28% is refined petroleum products. (Xinhua)

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